Gold Marks Four-Month High, Reaching Above $900

Gold surged forward Monday as a weaker U.S. dollar helped push the yellow metal to a four-month high and above $900 an ounce. New York silver, gold and platinum futures gained 1.4 percent, 1.5 percent and 1.6 percent, respectively.

March crude-oil lost 74 cents, or 1.6 percent, to close to $45.73 a barrel. The average price for regular unleaded gasoline fell three-tenths of a cent to $1.842 a gallon, according to AAA.

March silver gained 17 cents to close at $12.11 an ounce.

April platinum increased by $15 to $973 an ounce.

Gold for February climbed $13 to settle at $908.80 an ounce.

"Gold is rising on the fallout from the renewed banking crisis," VM Group analyst Matthew Turner was quoted on Reuters. "The banking crisis is bad for share prices, and creates fear and panic. Some investors are thinking gold is the safest option."

According to Bloomberg News, 28 of 31 traders, investors and analysts surveyed on January 22-23 advised buying gold this week as a haven from economic turmoil — the "most bullish response" since its survey began in April 2004.

Gold, considered a hedge during times of high inflation and economic uncertainty, tends to follow oil and move opposite to the U.S. dollar. A rising greenback makes dollar-denominated commodities, like bullion, more expensive for holders of other world currencies.

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